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Instead the economy is turning in on itself as a result of the crisis in Ukraine.A survey of Russian business by MNI, a research firm, showed a sharp drop in orders from abroad in April.
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A sharp drop in order growth in the most recent quarter cut its shares in half to $24, but its market capitalization remains a rich six times those projected sales.
Microsoft, after a sharp drop in the orders for personal computers, announced the first broad layoffs in the company's history.
Taking a look at the actual numbers, the total order book balance fell back to -20% in January from -12% in December, driven by a sharp drop in export orders.
KB Home on Friday became the latest home builder to report a sharp drop in new orders in the three months that ended in May as federal tax incentives aimed at spurring home sales expired.
Its currency rose by 21 percent over the three years to July 2008 when a sharp drop in export orders, due to crisis conditions in the U.S., brought suspension of the policy.
The data follows other weak regional manufacturing reports and a sharp drop in durable goods orders last month.
With the dollar strengthening against the euro, businesses are now fearful of a sharp drop in those foreign orders.
This is turning into the longest bear market for many years.The latest trigger for investor worries was twofold: more un-nerving corporate news, with AOL Time Warner confirming that regulators were investigating its accounting practices and an unexpected and quite sharp drop in durable goods orders in June.
The data was significantly higher than brokerage CLSA's independent Purchasing Managers' index result, which showed a further decline to 44.8 in March, on a sharp drop in domestic manufacturing orders (See "Chinese Economy Sends Mixed Signals").
The new orders balance fell unexpectedly to -2% from +12% in December, and there was an even sharper drop in export orders, with a balance of -16%.
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